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Merrill Lynch,
Novellus Systems
And Disney Drop

By

Karen Talley Dow Jones Newswires

Updated April 14, 2004 12:01 a.m. ET

NEW YORK -- Investors took stocks significantly lower even though some, such as Merrill Lynch, had strong earnings. Others, including Walt Disney and Novellus Systems, fell after offering solid reports, but were seen as having chinks in their armor.

The Dow Jones Industrial Average lost 134.28 points, or 1.28%, to 10381.28, returning to negative territory for the year. The Nasdaq Composite Index declined 35.40, or 1.71%, to 2030.08 and the Standard & Poor's 500-Stock Index shed 15.76, or 1.38%, to 1129.44.